Ping An Insurance (Group) Company of China, Ltd.(Ping-An in Chinese means peace, it is a major way of blessing one another) is a holding company whose subsidiaries mainly deal with insurance and financial services. The company was founded in 1988 and has its headquarters in Shenzhen.
Ping An Insurance group is the first integrated financial services conglomerate in China that blends its core insurance operations into securities brokerage, commercial banking, asset management and enterprise annuities to create a highly efficient and diversified business profile.
Ping-An stock is traded in Hong Kong and Shanghai, but without ADR for US investors.
Consolidated total assets and total equity of the Group were RMB 617,772 million and RMB 97,573 million respectively. Under PRC Accounting Standards, the Group’s total assets reached RMB 583,143 million and total shareholders’ equity grew to RMB 94,911 million. The market value of the Group exceeded RMB 600 billion on 9 August,2007.
In April 2007, Ping An was enlisted by the “Forbes Global 2000” for its outstanding operating performance and strong earnings growth, ranked the 440th overall, up a significant 97 places from 2006. Ping An ranked the 36th out of the 114 companies listed in the insurance category; the 11th out of the 44 listed in the China-listed company category; and the No.1 out of all of the companies in the non-state-owned enterprise (non-SOE) category.
The Group provides financial services including insurance coverage, investment and wealth management for about 39.75 million individual clients and nearly 1.95 million corporate clients. It hires almost 244,000 sales agents and more than 50,000 full-time employees serving more than 3,000 branch- and sub-branch-units and sales offices.
By premium income, Ping An Life is the second largest life insurance company in China. Ping An Property & Casualty is the third largest P&C insurance company in China.